How banks and startups can build mutually beneficial relationships

The relationship between startups and banks has traditionally been perceived as difficult. Banks are often seen as slow and cumbersome, while startups are often seen as disruptive and untested. However, new-age financial institutions like IDFC FIRST Bank are changing the game by redefining how startups and banks work together. This article explains how startups can work with banks in a way that is beneficial for both parties. 

How banks can benefit from startups
 

To grow their business, many startups across the country have partnered with banks. This arrangement also benefits universal banks. Here are some scenarios which work out for the banks:

· Drive innovation: Banks have long been seen as the gatekeepers of the financial system, but in the past few years, there has been a dramatic shift in the way people bank or access financial services. There has been a surge in the number of startups that are looking to provide innovative financial products and services. Collaborating with a startup can be a great way for a bank to imbibe the culture of innovation.

· Tap into new markets: Startups have existing user groups, including customers, partners, and employees. Working with startups allows banks to tap into these groups by providing financial services that cater to their unique needs.

· Stay current on the latest trends: Startups typically have an innovative and forward-thinking approach to business on digital platforms and are more likely to experiment with new technologies to cater to consumer needs. Banks are increasingly recognising these benefits, and are therefore looking to partner with startups as a way to stay ahead of the curve and keep up with the changing landscape of consumer expectation. 

How startups can benefit from banks
 

In order to support the startup ecosystem, banks have developed specific products and services that cater to them. With Startup Banking, young businesses can better meet their basic banking needs, in addition to a host of other benefits, including:

Access to capital:  There are several benefits of bank support for businesses, one of the most important is access to capital. Banks are in a unique position to provide businesses with capital they need to grow and expand. This can be in the form of a loan, a line of credit, or even a credit card.

Mentorship: Another benefit of bank support is the ability to get advice from experienced professionals. Banks have a wealth of knowledge when it comes to starting and running a business. They can provide advice on everything from financial planning to marketing to human resources.

Access to networking opportunities: Banks can offer opportunities for startups to meet a number of public and private partners, as well as investors. This allows startups to attract new and valuable customers and partners, promote good word-of-mouth, and generate brand awareness.

Overall, bank support can be extremely beneficial for startups to grow and succeed in today’s competitive market place.

FIRST WINGS by IDFC FIRST Bank: Fostering growth for startups
 

IDFC FIRST Bank works as a partner to startups regardless of their size and industry. As a startup founder, you can leverage FIRST WINGS Startup Banking Program - a comprehensive banking solution for startups offered by IDFC FIRST Bank.

Here are some of the benefits of joining FIRST WINGS.

Startup current account
 

Our Startup Current Account is specifically designed to take care of the banking requirements of startups. Some of its features include:

a) No minimum balance requirement for the first three years of account opening

b) Unlimited and free fund transfers (IMPS/RTGS/NEFT)

c) Free doorstep banking for one location

d) Amazon Cloud Credits worth of $5000 to help you manage your website

e) UPI/QR, payment gateways, NACH (National Automated Clearing House), etc., are set up free of cost, and there are no annual maintenance charges

Founder success program
 

Leap To Unicorn, a one-of-a-kind Founder Success Program helps startup founders get the right direction to turn their dreams into reality. Here are some of the benefits under this program:

a) Mentoring sessions through curated boot camps conducted by startup ecosystem experts

b) Access to India's top investors and unicorn founders for networking

c) Opportunities to pitch to marquee investors

d) Get featured in the 'Top 100 Startups to Watch Out For' report published by IDFC FIRST Bank

The program works selflessly in your interest, free of charge or mentorship equity.

Beyond Banking support
 

FIRST WINGS by IDFC FIRST Bank provides access to over 100+ offers and packages across various categories through 80+ Beyond Banking Partners. These offerings include:

a) Assistance in incorporating your startup at a special price

b) Attractive offers on co-working spaces

c) Great deals on accounting, payroll, ERP, and HR solutions

d) Tools for easy bookkeeping and invoicing with discounted legal services

e) Discounts on web and app building solutions 

f) Preferential discounts and offers by our partners

g) Assistance with DPIIT registration at a special price

These are just some of the benefits of joining IDFC FIRST Bank’s FIRST WINGS program. Click here to know more about this offering.

Startups bring fresh perspectives and innovative solutions to the table. At the same time, they require opportunities and funding to not only get off the ground, but to constantly innovate. IDFC FIRST Bank's FIRST WINGS program offers expertise as well as curated banking solutions, mentoring for founders, and beyond banking support, making it one of the best banks for startups in India.

Leap-to-Unicorn
 

At IDFC FIRST Bank, we want to empower startups with the support they need from early beginnings through every stage of growth and beyond. This Startup Day, we’ve joined hands with Moneycontrol and CNBCTV18 to introduce ‘Leap to Unicorn’ - a one-of-its-kind Founder Success Program that provides mentoring, networking, and fundraising opportunities for India’s most promising startups through a meticulously planned journey.

By registering in this program, the leading start-ups selected for the initiative will undergo a rigorous Bootcamp, where they will have the opportunity of interacting with founders of some of India’s most prominent unicorn startups, as well as learn what it takes to attract investments from elite investors. The most promising startups will feature in the exclusive IDFC FIRST Bank report ‘Top 100 Startups To Watch Out For’. Top 5 startups will get opportunity to vie for investors’ funds at the Grand Finale. To know more and participate, click here.

Note:

The above products and benefits are subject to terms and conditions. Some of the products mentioned above are under development and may not be available in some locations. For more details, please speak to our customer representative.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.